First National Corp. Announces Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012
January 31, 2013 at 03:24 am IST
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First National Corp. announced unaudited earnings results for the fourth quarter and full year ended December 31, 2012. Net income for the fourth quarter of 2012 totaled $966,000 compared to a net loss of $8.1 million for the same period in 2011. After the effective dividend on preferred stock, net income available to common shareholders totaled $740,000 or $0.15 per basic and diluted share for the fourth quarter of 2012, compared to a net loss available to common shareholders of $8.4 million or $2.82 per basic and diluted share for the same period of 2011. Return on average assets was 0.73% and return on average equity was 8.57% for the fourth quarter of 2012, compared to -6.03% and -73.99%, respectively, for the fourth quarter of 2011. Net interest income totaled $4.7 million for the fourth quarter of 2012 compared to $5.1 million for the same period one year ago. Income before income taxes was $1 million against loss before income taxes of $2.6 million for the same period last year.
For the year ended December 31, 2012, net income totaled $2.8 million, which was a dramatic improvement compared to a net loss of $11.0 million for the same period in 2011. For the year ended December 31, 2012, net income available to common shareholders totaled $1.9 million or $0.49 per basic and diluted share, compared to net loss available to common shareholders of $11.9 million or $4.01 per basic and diluted share for the same period of 2011. Net interest income was $19.3 million compared to $20.2 million for same period in 2011. Income before income taxes was $3.8 million against loss before income taxes of $7.1 million for the last year. Return on average assets and return on average equity were 0.54% and 6.85% against negative 1.96% and 22.46% of prior year.
First National Corporation is a bank holding company for First Bank (the Bank), which is a commercial bank. The Bank offers loan, deposit, and wealth management products and services. Its loan products and services include consumer loans, residential mortgages, home equity loans and commercial loans. Deposit products and services include checking accounts, treasury management solutions, savings accounts, money market accounts, certificates of deposit and individual retirement accounts. Wealth management services include estate planning, investment management of assets, trustee under an agreement, trustee under a will, individual retirement accounts and estate settlement. Its customers include small and medium-sized businesses, individuals and others. It operates over 20 branches throughout the Shenandoah Valley, central regions of Virginia, and the Richmond and Roanoke market areas. It also operates a loan production office and two customer service centers in retirement communities.